Bloomberg News

Comerci Declines for Fifth Day on Debt Speculation

March 30, 2010

Controladora Comercial Mexicana SAB (COMERUBC), the operator of Costco stores in Mexico, fell for a fifth day on concern the company is failing to gain creditor approval on a debt restructuring.

None of the creditors of Comerci, as the company is known, is willing to extend the company’s debt repayments to a period of 10 years from the previous offer of six to eight years, Dario Celis, a columnist for Mexico’s Excelsior, wrote today. The article has “no basis,” said Francisco Galindo, an outside spokesman for Comerci.

Comerci dropped 2.1 percent to 9.62 pesos in Mexico City trading, its lowest price since Aug. 26. The losing streak is the longest since a nine-day decline in September.

The company has no news to report in its negotiations with creditors, Galindo said.

Comerci said separately today that it extended for 10 business days an offer to buy and swap bonds. The offer, the result of an agreement with a different set of debtholders in August, will expire on April 16 with the new deadline, the company said.

To contact the reporter on this story: Crayton Harrison in Mexico City at tharrison5@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus